I've been busy lately which means that when I get together with friends there is a lot to catch up on, especially when you have to tell them you leaving the state for law school. Everything was fine until it was asked if I had seen the So-and-so Family lately. I'm not one for hiding my true feelings so I explained that the So-and-so Family and I are not speaking due to a tiff we had.
Mr. So-and-so is a private practice attorney. In my opinion he is somewhat a traditionalist when it comes to gender (ok, sexist is a better word but I don't want it to sound too harsh). He attended a very expensive Tier-4 law school and likes to tell everyone how much law school is a waste of time. The Janitor believes that he went to law school to make a lot of money and is most likely disappointed in his law school experience and job opportunities to date. The tiff occurred when I told them I was applying to law school and that it would be nice to see them more since we would most likely move out of the area come fall. Mr. So-and-so then interrogated me on the schools I applied to, why I wanted to go to law school, what and where I wanted to practice AND notified me that I would NOT be accepted to my first choice school due to it being an extremely selective school. He also broke down my school choices by the Tier they were in, their ranking, etc-as if I didn't know anything about them. (Again, he went to a Tier-4 school so who was he to judge my choices when he didn't have many.) This was also coming from a guy who was supposed to be my friend. He told me I would be better off becoming a nurse.
So what's the deal? Why is it that some law school graduates feel the need to express reasons why NOT to attend law school? What if I have thought everything through? What if I've worked with the law and enjoy it? What if I've experienced other careers I thought I would enjoy and still believe that law would be a good place for me? I graduated college five years ago. I've experienced life. I don't believe that I'm making a piss decision here. Is it really hard to believe that some people actually want to study and practice law?
I don't know what I'm in for but I'll never know if I don't go. I appreciate the concern (wait, it was more of a ranting) that Mr. So-and-so gave but I think I'm old enough to make a sound decision; especially when it requires so much in student loans.
(Oh, and I DID get accepted to my first choice school WITH a scholarship THAT I'll be attending. However, the maturity in me says to keep quiet, he'll figure it out and hopefully realize what an ass he was making of himself.)
Personally I would've told the guy that I did in fact get into my first choice with some cash, but that's because I'm not that mature when someone ticks me off. Haha!
I attended a top 15 school, but I did not get a high paying job after graduation. My wife is a public interest attorney. Both of us graduated law school in '97.
When we met in 1999, we had about $200,000 in total debt. The interest on our combined debt was more than $1500/month and our minimum required payments were over $2000/month. That is before touching principal!
With both of us working full time we have whittled the debt down to around $60,000 over the past decade. However, it has been a slow, arduous process. We delayed having kids until 2006 and we have lived very frugally over the years.
When I hear about people taking on $120,000 or $150,000 for *one* law student, I wonder how they will ever pay it off. If you do not get a job at a top law firm (and most lawyers don't--even if they go to top schools) then it is a very tough road. Most small law firms pay starting lawyers between $40,000-$80,000/year.
For a lawyer making $60,000, they will take home around $40,000 after taxes. That is $3300/month. If you have to pay $1500 toward student loans, it leaves you with $1800 for rent, food, utilities, entertainment, etc... Not a very nice lifestyle.
And you can't quit your $60,000/year job. Forget about ever taking time off to travel, etc., because if you do, it will be costing you hundreds of dollars in additional debt every month--the interest accrual is unforgiving and relentless.
If you can get a scholarship, or get family help, or otherwise avoid a huge debt burden, then go for it. Otherwise, proceed cautiously and with your eyes open--and don't make any aggressive assumptions about your future earning potential.
Thanks for the heads up. I know what I'm getting into financially and it's frightening. Hopefully I'll be able to keep my scholarship. And I'll have a SO working so I won't have to take so much out to live on. That will help!
If you have done this analysis and you are willing to spend 10 or 15 years living like a student and paying down debt after law school, or if you are willing to continue to carry the debt for 25-30 years after law school with somewhat more manageable payments, then it should not be frightening. It should be sobering.
Law school is *not* a quick ticket to riches. However, if you settle into a law career for the long term, then it may *eventually* be worth it. Especially if you can find a lucrative niche and stick with it.
However, keep in mind that unless you marry someone with a good career and minimal debt (this is not sexist because I would give the same advice to a man), it will take a very long time to pay off debt. And the payoff times above assume that you do not incur other unusual expenses (expensive wedding, kids, buying a house, buying a non-beater car, etc.)